UP Rera issues recovery notices worth Rs 68 crore to five builders

NOIDA: Uttar Pradesh Rera on Tuesday met five developers from Noida and Ghaziabad and issued 174 recovery certificates (RCs) against them amounting to around Rs 68 crore.
Supertech Limited with 111 RCs of Rs 45 crore topped the list followed by Logix group which was handed over 35 RCs to the tune of Rs 15 crore. Mascot homes, Aura Buildwell, and Mist Direct Sales were the next three in a row.

A recovery certificate is used by the state to settle debts against defaulters.The recovery process is executed by the district administration. Notices by UP-Rera with details of amount to be recovered will be sent to the Noida and Ghaziabad administration which, if needed, will attach the property concerned and put it up for auction to fund the buyer.
“The builders have defaulted on UP-Rera possession orders. We have asked them to refund buyers in instalments because they are facing a cash crunch. They have been asked to give details of properties that can be auctioned to facilitate the refunds,” Balvinder Kumar, member of the UP Rera told TOI. Apart from the recovery orders, UP-Rera has also issued 1,375 possession orders to these builders with specific deadlines.
In a clarification issued to the press after the meeting, Supertech chairman and president of Uttar Pradesh Naredco RK Arora said, “We have been addressing the complaints raised at UP Rera. We have settled around 50% of the complaints so far. Lockdown has affected our work, but we will speed up action to settle all complaints.”
UP-Rera’s Greater Noida bench will meet 20 builders from Noida and Ghaziabad this week on a one-on-one basis in a measure to process recovery certificates and seek refunds for buyers demanding the same.
Tuesday’s was the first of the four-day meeting series. The next round of builders lined up for virtual meets are — Uppal Chadda Group, Paramount Probuild, Jaiprakash Associates, Sare Saamag Realty, JKG Construction (August 19); Suncity Hi-tech, Parsvnath Developer, Krishna Estate, Concept Horizon, Wave Megacity Centre and Unibera Developers (August 20); Cosmos Infra Estate, Green Bay Infrastructure, Bulland group, KV Developers, Sikka Infrastructure and MR Proview (August 21).